Talbros Automotive sells defunct Chennai plant to raise Rs 21 crore


Mumbai: Auto-components maker Talbros Automotive on Thursday stated it has raised Rs 21 crore by promoting the land and constructing of its defunct plant in Chennai and these funds will probably be utilised to cut back debt and strengthen the stability sheet. The Gurgaon-based firm, which has presence in segments akin to two and three-wheeler, passenger and business autos in addition to agri/offroader and industrial, has manufacturing services throughout Haryana, Uttarakhand and Maharashtra.

“…the company has sold its land and building measuring around 1.67 acres at Ambattur Industrial Estate in Chennai (Tamil Nadu),”

stated in a regulatory submitting.

“The proceeds of the sale amounted to Rs 21 crore on gross basis. The net proceeds after deduction of statutory liabilities would be utilised towards reducing debt and strengthening the balance sheet of the company,” it stated.

The manufacturing operations on the facility have been discontinued, it stated including, accordingly, this may don’t have any impression on the operations of the corporate.

TACL, along with JV alliances, has eight manufacturing services at Haryana, Uttarakhand, and Maharashtra together with one supplies division in Gurgaon and R&D expertise centre at Faridabad.

The firm has technical collaborations with Nippon Leakless Corporation – Japan and Sanwa Packaging – Japan.

TACL internet revenue surged 144 per cent to Rs 10.16 crore in December quarter of the present fiscal over the identical interval final 12 months on the again of a 35 per cent progress in topline, which stood at Rs 132.1 crore throughout the quarter as in contrast to Rs 97.4 crore in Q3FY20.

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